Saturday, April 09, 2022

Government report acknowledges 'feminist' federal budget benefits men more than women

The Liberal government has made gender equality a top priority, but its latest federal budget benefits men more than women because many of its spending initiatives target male-dominated sectors.



© Olivier Hyland/CBCA stack of the 2022 budget books in Ottawa on Thursday.

A statement and impacts report on gender and diversity that accompanied the budget says nearly half of the budget's measures — 44 per cent — are expected to benefit women and men in equal proportions, while 42 per cent are expected to directly or indirectly benefit men.

Only a considerably smaller share of the budget measures — roughly 14 per cent — will directly or indirectly benefit women.

"This relative disparity reflects the fact that men are over-represented in certain sectors benefiting from many of the climate and infrastructure related measures in this budget," the report reads.

"Although these measures will ultimately benefit all Canadians, the workforce in these sectors are predominantly men, who, in turn, will indirectly benefit from the increased economic opportunities associated with these investments."

According to the report, the construction and clean technology sectors will benefit indirectly from the low-carbon-economy fund expansion, which will invest up to $2 billion in green projects. Similarly, the agricultural sector — another male-dominated industry — will benefit from the expansion of the agricultural clean-technology program, which is meant to foster the changes required to achieve a low-carbon economy.

The report also notes that while it can be argued that increased defence spending benefits all Canadians equally, the country's military is still predominantly male.
Freeland stands behind 'feminist' budget

In an interview that will air on Rosemary Barton Live on Sunday, Deputy Prime Minister and Finance Minister Christina Freeland defended the budget tabled on Thursday, pointing to the $30 billion the Liberal government is putting toward early learning and child care.

"This budget is year two of Canada's revolutionary early learning and child care program," she said. "In fact, we tabled this budget less than two weeks after concluding a deal with the final Canadian province to come on board. So I would definitely say this is a feminist budget."

But men win out in other ways. As the report notes, they continue to have higher incomes on average than women. That means more are able to afford zero-emission vehicles and can benefit from certain incentives as a result.

A lack of gender parity in the business world also plays a role, since certain male business owners and shareholders will benefit from various tax credits.

"This highlights that gender segregation in the workforce and an imbalance in control of and ownership over resources is still prevalent in Canada," the report reads.

Since coming to office, Prime Minister Justin Trudeau, a self-proclaimed feminist, has spoken a lot about the goal of levelling the playing field between men and women. He's also the first prime minister to appoint a gender-balanced cabinet.

But Trudeau's feminist credentials have come under fire in recent years.

Frances Woolley, a Carleton University economics professor with expertise in gender and intra-household inequality, said gender-based analysis plus — an analytical process used to create budgets — is meant to explore the impact of government policies on diverse groups.

"Sure, sometimes in the end a government will end up adopting a policy that has more direct benefits for men than for women," Woolley wrote in an email. "Indeed, this will happen almost any time that a government decides to increase defence spending, for example.

"It will also happen when a government decides to devote resources to policies that reduce high school drop-out rates, or prevent prostate cancer."
Measures benefit women in some ways

She said it's important to understand a policy's full implications for diverse communities before it's adopted, and that policies need to be as inclusive as possible.

And while the budget appears to disproportionately benefit men, it does benefit women specifically in some ways, according to the federal report.

"Women comprise nearly eight out of ten workers in the dental sector and are therefore expected to indirectly benefit from investments in Dental Care for Canadians," it states. "Other Budget 2022 measures include features that will serve to achieve greater gender equality over time."

Women also have made progress in government in other ways: 47 per cent of heads of missions were women in 2021, up from 32 per cent in 2015. Heads of missions include ambassadors, high commissioners and consuls general.

Woolley said that, overall, government spending tends to help women, noting that the majority of workers in health care, education and public administration are women. She said a progressive tax system — where higher income earners pay more — also helps since more men tend to be high-income earners and therefore pay a substantial amount in taxes.

"So the fact that there were a significant number of new initiatives benefiting men in the most recent budget doesn't change the fact that the overall budget package — including already existing spending programs and taxes — benefits women as much as, if not more than, men," Woolley said.
Federal budget for child care good start, but more needed: advocates

OTTAWA — Feminist advocates say the federal budget doesn't fully account for the challenges in scaling up child-care systems across the country.


© Provided by The Canadian Press

Morna Ballantyne, executive director of advocacy group Child Care Now, said she's pleased the government created a fund for building new child-care spaces.

"It shows that the federal government recognizes that the funding agreements that they've reached with the provinces and territories don't provide sufficient funding for physical infrastructure," Ballantyne said in an interview.

Even so, the government's fund for building new child-care spaces will only pay for 3,125 new spots each year, said Ballantyne in a feminist budget briefing Friday.

The federal Liberal budget for 2022 said it would give $625 million over four years to help provinces and territories invest in child care, including building new facilities.

Creating new child-care spaces involves high capital costs that aren't accounted for in the funding agreements with the provinces, and the new budget's fund wouldn't be enough to build the number of spaces it has estimated, Ballantyne said.

The budget said its funding would create just over 276,000 child-care spaces across the country.

In 2019, there were enough child-care spaces in Canada for about 27 per cent of kids aged five years old and younger, according to a report from the Childcare Resource and Research Unit.

Another challenge government faces in getting expanded child-care facilities off the ground is recruiting the workers to run them, said Amar Nijhawan, policy specialist at Oxfam Canada.

Between 52,000 to 63,000 early childhood educator jobs will be created as a result of Canada's early learning and child-care agreements between the federal government, provinces and territories, according to the budget.

"How are we expected to build so many new child-care spaces … when there's no workforce strategy to address early childhood educators?" asked Nijhawan.

"The real crisis in the care economy that we're seeing around wages, poor working conditions, burnout, labour shortages, recruitment, were not referenced in this budget document at all," she said.

In 2015, median annual income for early childhood educators and assistants in child care was $34,192, according to the research unit.

Many who are qualified to work as early childhood educators are not working in the sector in order to pursue jobs that are better paid, Ballantyne said.

To make sure that enough workers are attracted and retained in the sector, they need to be offered better compensation, she said.

That means that the operational funding the government gives to the sector has to be enough to pay higher wages, since providers will no longer rely as much on parent fees to cover their costs, said Ballantyne.

Bonnie Brayton, CEO of the Disabled Women's Network of Canada, said disability as it intersects with the child-care sector continues to feel like an afterthought.

The government pledged $141.1 million to make disability programs, workplaces and child-care centres more accessible, but didn't provide further detail.

"We're going to build ramps, and then what are we going to do? Send children and parents off to the maybe accessible child-care centre and hope that there are properly trained and disabled child-care workers there to teach them and their colleagues about inclusion and ableism?" Brayton asked.

Brayton said in the context of intersectional budgeting, there has to be a stronger focus on disability.

The office of Finance Minister Chrystia Freeland did not immediately respond to a request for comment.

This report by The Canadian Press was first published April 8, 2022.

---

This story was produced with the financial assistance of the Meta and Canadian Press News Fellowship.

Erika Ibrahim, The Canadian Press


Canadian miners cheer Ottawa's critical minerals budget plan

By Ernest Scheyder and Steve Scherer

OTTAWA (Reuters) - Canadian miners say Ottawa's plan to spend C$3.8 billion ($3.02 billion) to boost domestic production of lithium, copper and other strategic minerals should help propel the country's efforts to become a key part of the global electric vehicle supply chain.

The spending, announced during Canada's federal budget unveiling on Thursday, promises grants for mineral surveying, processing and recycling, as well as tax credits for digging new mines and subsidies for infrastructure, though it would not reduce regulatory oversight.

"This is a game-changer," said Greg Andrews, chief executive of Search Minerals Inc, which is developing a rare earths mine in Newfoundland and Labrador. Rare earths are used to make magnets that transfer electricity into motion for EVs.

While Canada has long been known as a major gold producer, its efforts to mine and process EV minerals have lagged other nations, including China.

Miners also have complained that Ottawa's recent investments in battery components and facilities - including a battery gigafactory in Windsor that is a joint venture between Stellantis and South Korea's LG Energy Solution - overlooked those facilities' need to procure minerals to build the EV products.

"The world economy is going green. Canada can be in the vanguard, or we can be left behind," Finance Minister Chrystia Freeland said on Thursday when she presented the budget to parliament.

The spending does not include plans to lessen regulatory requirements for new mines, just like the industry support announced last week by U.S. President Joe Biden. Mining in Canada is largely regulated at the provincial level. Quebec, for example, is known as far more open to new mines than British Columbia.

"The general climate in Canada is becoming more and more supportive, which is very good for the industry," said David D'Onofrio of Toronto-based bank PowerOne Capital Markets, which is invested in several Canadian lithium and nickel projects.

The budget foresees doubling of the exploration tax credit to 30% for a range of EV metals, including nickel, lithium, cobalt, graphite, copper, rare earths elements, vanadium, tellurium, gallium, scandium, titanium, magnesium, zinc, platinum group metals and uranium.

"What we see in the budget is a carefully thought-out plan, with targeted funds at segments of the mining ecosystem that all collectively need to be bolstered," said Brendan Marshall of the Mining Association of Canada, an industry trade group.

Canada's critical mineral deposits at current prices are valued at approximately C$340 billion, a senior official said on Thursday.

"The key to moving beyond mining is to do more mining so you have ample supply of resources needed to grow supply chains," said Ryan Castilloux, a Toronto-based critical minerals consultant at Adamas Intelligence.

THE GREAT NORTH

Miners also said the budget should help to further develop Northern Canada, which is sparsely populated but contains much of the nation's minerals wealth.

"The only way you develop the Great North is by having programs that encourage prospectors, geologists and others to explore there," said Stan Bharti, CEO of Toronto-based bank Forbes & Manhattan, which has invested in several Canadian lithium and graphite projects.

Ottawa says the budget aims to make critical mineral projects less risky for companies, in part by supporting infrastructure investments with C$1.5 billion over seven years, backing processing with C$1.5 billion over six years, and investing almost C$79 million over five years in detailed surveying.

"You need those other industries or else the metals are going to go to China for processing," said Kiril Mugerman, CEO of rare earths recycler Geomega Resources Inc.

The budget also includes C$25 million for "early engagement and Indigenous communities' capacity building to support their participation in the critical minerals strategy."

While miners said they plan to apply for funding, they would wait for more details. "We need to see the mechanics of the support being offered to understand how best to utilize the funding available," said Mark Saxon, CEO of Vancouver-based rare earths processor Medallion Resources Ltd.

Vale SA, which produces nickel in Ontario as well as in Newfoundland and Labrador, said the spending plans show Ottawa "has a real opportunity to become a global ESG champion of critical minerals and the EV battery supply chain."

Rio Tinto Ltd and BHP Group Ltd, which last year moved its exploration offices for copper and nickel to Toronto, were not immediately available to comment.

($1 = 1.2583 Canadian dollars)

(Reporting by Ernest Scheyder in Houston and Stever Scherer in Ottawa; Editing by Matthew Lewis)

2022 budget gives CRTC $8.5 million for Bill C-18

MobileSyrup

The 2022 federal budget allocates millions to helping the Canadian Radio-television and Telecommunications Commission (CRTC) establish a framework for Bill C-18.

Minister of Canadian Heritage, Pablo Rodriguez, introduced the bill earlier this week. It’s aimed at having digital platforms, like Google and Meta, pay Canadian news outlets for using their content. The CRTC will serve as the regulator.

The budget will provide the agency with $8.5 million over two years. The funding will “establish a new legislative and regulatory regime to require digital platforms that generate revenues from the publication of news content to share a portion of their revenues with Canadian news outlets,” Cartt.ca reports.

2020 saw $9.7 billion in online ad revenues, and Google and Meta shared 80 percent of the profits.

“The news sector in Canada is in crisis, and this contributes to the heightened public mistrust and the rise of harmful disinformation in our society,” Rodriguez said Tuesday.

The bill is also known as the Online News Act. If passed, it will focus on deals between online platforms and news publications. The CRTC is responsible for tracking all details associated with the arrangements.


“This is fundamentally fairer for Canadian news media, which will be able to negotiate on more equal terms with the tech giants,” a press release by Canadian Heritage states.

This is the second bill Rodriguez introduced dealing with online content. The first is Bill C-11. It focuses on promoting Canadian content and governing streaming services. The CRTC will also serve as the regulator if the bill passes.

As Cartt.ca points out, Rodriguez previously stated the government would give the CRTC all the tools it needs to handle this bill. However, the 2022 budget doesn’t include any specific funding.

Source: Cartt.ca
Indigenous woman spearheads moon time bag project to provide personal hygiene to Calgary’s unhoused

Jill Croteau - Yesterday 
Global News


Personal hygiene products aren't always easily accessible for people who live on the streets and in shelters and a Calgary woman is looking to change that.


© Jill Croteau/Global CalgaryAlycia Two Bears and her son Chael Dowsett
 put together moon time and warrior bags.

Every week Alycia Two Bears creates personal care packages, destined for the unhoused and vulnerable. Two Bears is committed to supporting all marginalized menstruators, giving them personal hygiene products like tampons and pads. She said it's about dignity of care.

"I wanted to remind people who don’t have access to bathroom and they are bleeding involuntarily once a month, 'We got you, we still love you, we see you, you are going to be taken care of,'" Two Bears said.

Read more:

Her "moon time bags" support bleeding bodies; they include pads, liners, tampons, underwear, chocolate, tea, lip balm and sage smudge.

"When I smudge, it's a practice of gratitude and love and my prayers go to ancestors.

She's a yoga teacher and birthworker who started the project almost two years ago.

"I took on a project as a yoga teacher and didn't know it right away but figured out it was for a pipeline company. I have a personal and public stance against pipelines and I panicked. I still did the work and told myself I can't keep the money and wondered how do I give this directly back into community."

Two Bears took the $375 and went to buy a cart full of personal hygiene products.

"That was 18 months ago and I shared them with volunteers to distribute them."

Every Friday night, Calgary's Bear Clan Patrol head downtown to gift the wellness packages to people in need. Yvonne Henderson is one of the original members. She said the moon time bags are a critical piece to their initiative.

"When people see the smudge and the sage it connects them to home and their spirit to home and that's the biggest gift they can get," Henderson said. "For so many unhoused this is traditional Blackfoot territory and our heart remember this area and that medicine connects them, it reminds them they belong."

Read more:

Robin Raweater is a long-time volunteer and said people she connects with are so grateful for the care packages.

"The moon is the most sacred time a woman goes through, her cycle and we need to remind these women at their lowest time they are still sacred, they are still loved," Raweater said.

The moon time bag project evolved to include men. Two Bears also makes "warrior bags" full of self-care products. Lee Breaker from Siksika Nation volunteered for the first time with Bear Clan Patrol and appreciated the sentiment of helping the community return to their roots.

"We are a family and when we see our people suffering we need to support them they best way we could," Breaker said.

The hope is, one day soon, they won't have to provide these basic necessities, but until they're widely available, Two Bears will graciously accept donations. 

You can reach her at
A Rare Jupiter-Neptune Conjunction Is Here To Change Everything

During our existence, we experience many once-in-a-lifetime moments: our first steps, our first love, our first Jonas Brothers concert. But beyond these Earthly encounters, there are other once-in-a-lifetime astrological events that happen far, far above us in the solar system — and while we can’t see them, we can feel them. This month, a rare occurrence is upon us as lucky Jupiter connects with intuitive Neptune in Pisces on April 12.


© Provided by Refinery29
A Rare Jupiter-Neptune Conjunction Is Here To Change Everything

Elizabeth Gulino - Yesterday 6:40 a.m.

“Jupiter visits Pisces once every 12 years — however, Neptune takes much longer breaks to visit Pisces due to its extremely slow movement around the Sun,” says Narayana Montúfar, senior astrologer for Astrology.com and author of Moon Signs: Unlock Your Inner Luminary Power. “For this reason, Jupiter and Neptune have not met in Pisces, the sign they share rulership over, since 1856 — and it won’t happen again until 2188!”

While Jupiter and Neptune meet every 13 years, this particular get together is exceptionally special because these two planets co-rule the sign of Pisces — Jupiter in traditional astrology, and Neptune in modern astrology, according to Montúfar. This means that they’re both very happy to be there right now, and combined, their energy is incredibly strong, positive, and magical.

Jupiter is growth-oriented and loves to expand our minds, while Neptune brings us intuition and dreams. “Being that these planets are in Pisces, they can bring out a lot of mystical and transformational energy,” says Lisa Stardust, author of Saturn Return Survival Guide and The Astrology Deck. “Pisces is a very fluid sign who has a lot of magical components to it — therefore, it is a great time to manifest our innermost streams and passions that we’ve been keeping within ourselves for a long time.” Our spiritual sides will be easier to access, and our creativity will be flowing.

The energy here is pretty serious — so serious, in fact, that Stardust says this is the best day of your entire lifetime for manifesting your dreams. Get out that manifestation journal, try out the 369 method, or just spend the day putting forward the energy you want to receive back from the universe in the future. It can’t hurt.

This conjunction is “bound to inundate our collective consciousness with the characteristics of the water element,” Montúfar says. Specifically, we’ll be feeling all of the Pisces energy, which rules romance, music, film, pop culture, art, creativity, intuition, and spirituality. “This conjunction will set in motion a big transformation in culture that will develop over the 166 years, which is when these two planets meet again in Pisces,” she says. Think of this astrological event as the start of a new phase in these Piscean areas of rulership — our creative sides will be able to evolve into something entirely new.

We’ll also be inclined more toward humanitarianism, and feel inspired to help people, says Iva Naskova, astrologer at Nebula. “It is a good time to handle law affairs and matters of authority,” she says, “but most importantly, it is a time of magic and spiritual guidance from the universe.” Naskova says that we’ll slowly feel like things are coming together and steering us towards our higher purpose in life.

Good vibes are all around us. “You could feel inspired to follow through on something you have dreamt of for years or pursue a cause that is close to your heart,” says Leslie Hale, psychic astrologer at Keen.com. “The compassionate, easy going and ethereal nature of this aspect may allow things to flow quite easily.”

To make the very best of this conjunction in our personal lives, Montúfar says we must cultivate stillness, “as it is during the quiet moments of deep meditation that we are open to receiving the messages it has for us.” Although this planetary connection is dreamy, take time to meditate or relax this day and listen to what’s going on the world around you — you may just have an epiphany.

Like what you see? How about some more R29 goodness, right here?

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SEE





Biden Called Fox News 'Destructive' and Rupert Murdoch 'the Most Dangerous Man in the World,' Book Claims

Virginia Chamlee -
People


A new book claims that President Joe Biden has called Fox News "one of the most destructive forces in the United States" and its owner, Rupert Murdoch, "the most dangerous man in the world."

That detail comes from New York Times reporters Jonathan Martin and Alexander Burns in their forthcoming book, This Will Not Pass: Trump, Biden, and the Battle for America's Future, which will be published next month.

The Democratic president has occasionally swiped at Fox News — which takes pains to note that its conservative opinion hosts are separate from its news division — and Biden has repeatedly butted heads with the network's White House correspondent Peter Doocy, whom he was caught on mic calling a "stupid son of a b----" in January. He later apologized.

According to Martin and Burns' book, Biden has been critical behind closed doors, too. (The White House did not comment.)

A 2020 Pew poll found that 65% of Republicans said they trust Fox News for political coverage, with six in 10 Republicans saying they got their political and election news from the network.

House Speaker Nancy Pelosi 's bizarre behavior during Biden's State of the Union address last week distracted viewers from the President's comments and had some asking if she was 'on drugs' or 'drunk'. Pelosi was sitting directly behind the President and was in full view throughout the speech, which went on for an hour and two minutes.

While Fox News often highlights its journalism separate from its talking heads, even some of the networks own former staffers have publicly complained about its political coverage, particularly for how its opinion personalities have spoken about the Jan. 6, 2021, Capitol riots.

In December, Chris Wallace announced that he was opting not to return as host of Fox News Sunday, ending his run with the network after 18 years for a new deal with rival network CNN.

Speaking with The New York Times in an interview last month about his decision, Wallace said he felt things began to change at Fox after Biden defeated Donald Trump in the 2020 election and Trump attacked the results as fake. Trump's supporters went on to riot at the Capitol last year.

"I'm fine with opinion: conservative opinion, liberal opinion," Wallace told the Times. "But when people start to question the truth — Who won the 2020 election? Was Jan. 6 an insurrection? — I found that unsustainable."

He continued: "Before, I found it was an environment in which I could do my job and feel good about my involvement at Fox. And since November of 2020, that just became unsustainable, increasingly unsustainable as time went on."

Wallace also confirmed reports that he had complained to the network's management about Tucker Carlson's documentary Patriot Purge, which falsely claimed that the Jan. 6 attack was a "false flag" operation meant to demean conservatives.

Wallace is now hosting a new show, Who's Talking to Chris Wallace?, on CNN's new streaming service, CNN+.

Read the original article on People
CAPITALI$M WITH CHINESE CHARACTERISTICS 

Another Chinese city has overtaken New York for number of billionaires


NBC News


HONG KONG — Three years ago, American entrepreneur Raj Oswal traveled to the Chinese city of Shenzhen on behalf of a client. He was so impressed that he stayed and started his own tech company.

“You can’t find too many other cities in China or around Asia that really embrace innovation as Shenzhen does,” Oswal said, comparing his move there from California to his father’s decision in the 1970s to leave India so he could pursue his studies and a career in the United States.

Oswal described Shenzhen, a city of 17.5 million on China’s southern border with Hong Kong, as a place filled with “youthful optimism.”

Increasingly, it’s also filled with money. The former fishing village, now a tech hub known as China’s Silicon Valley, has joined Beijing and Shanghai as the world’s top three cities for billionaires, edging out New York for the first time this year.

According to the Hurun Global Rich List, an annual ranking compiled by a private Shanghai-based company, Beijing is home to the world’s greatest number of billionaires at 144, followed by Shanghai with 121. There are 113 billionaires in Shenzhen, compared with 110 in New York, while London came in fifth with 101.

The growing concentration of wealth isn’t news to people in Shenzhen, which added eight billionaires since last year.

“It’s almost more of a wake-up call for the rest of the world,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report, the company behind the list.

While rankings can fluctuate, he said the rising number of billionaires in Shenzhen reflected a “megatrend” that will draw more young entrepreneurs to the city in coming years.

“It is a significant indicator of where Shenzhen has come from and where it is going,” he said.

Shenzhen’s rise began in 1980, when it was named China’s first special economic zone as part of the country’s “reform and opening up” under then-leader Deng Xiaoping. That allowed the city to experiment with market capitalism in an effort to attract foreign investment. From 1979 to 2021, Shenzhen’s gross domestic product grew from less than $28 million to almost $475 billion.

Today, the city is home to some of China’s biggest tech companies, including telecom giant Huawei and the internet conglomerate Tencent, inspiring others to follow. Last year, 2,500 new state-recognized high-tech companies were set up in Shenzhen, bringing the total number to 17,000, according to the local government.


It is also part of what China calls the Greater Bay Area, an integrated economic and business hub that aims to link Shenzhen with eight other cities in Guangdong province along with the Chinese territories of Hong Kong and Macau.

The opportunities were apparent to Oswal even as he taxied from the Shenzhen airport after he first arrived in 2019.

“All the stereotypes that I had on Chinese cities were broken down one by one with the changing modern and green urban landscape along the road,” he said.

Heng Chen, an associate professor of economics at the University of Hong Kong, said Shenzhen’s momentum was aided by its welcoming environment for entrepreneurs.

“The structure of the population is still very young compared to other super cities or first-tier cities in China, so that’s one of the reasons why it’s a very attractive place,” he said.

In addition, government officials in Shenzhen “commit a lot of resources, financial resources to attract top talents from the rest of the world.”

But the city has also faced steep challenges during the coronavirus pandemic, especially in recent weeks as China battles its worst outbreak in two years. The government’s zero-tolerance strategy relies on border closures, mass testing and strict lockdowns, and the restrictions have caused delays at Shenzhen’s factories as well as its port, one of the largest in the world.

During a weeklong lockdown in Shenzhen last month, authorities gave Apple supplier Foxconn Technology Group permission to restart some manufacturing operations using a “closed-loop” system that required employees to stay on site.

Despite the financial pressures of the pandemic, China’s economy has continued to grow “partly because Chinese cities are very flexible,” said Shang-Jin Wei, an economics professor at Columbia Business School and a former chief economist at the Asian Development Bank. “They can adapt to new situations.”

Wei also said Shenzhen offers favorable policies to high-tech companies, such as tax breaks.

According to Hurun Report, as of Jan. 14 there were 3,381 billionaires in the world, a net increase of 153 since last year, and their total wealth rose 4 percent to $15.2 trillion. Of those, 1,133 are in China and 716 in the U.S. China surpassed the U.S. in terms of number of billionaires in 2016.

But China’s billionaires have also been “hit hard” in the past year, the report said, amid a regulatory crackdown on technology, education and other industries and the government’s “common prosperity” campaign promoting more even distribution of wealth.

China lost 160 billionaires in the past year, more than any other country. Colin Huang, founder of e-commerce platform Pinduoduo, experienced the greatest loss of wealth at $50 billion as shares of his Nasdaq-listed company plunged. Xu Jiayin, chairman of embattled property developer Evergrande Group, lost more than $23 billion as his company continues to miss bond payment deadlines.

Zhong Shanshan, the founder of bottled water and beverage company Nongfu Spring, remains China’s richest person with $72 billion in wealth. ByteDance founder Zhang Yiming, whose company owns the video app TikTok, is second with $54 billion. Just behind him is Zeng Yuqun, founder of electric-vehicle battery maker CATL, who is worth $53 billion.


© Visual China GroupChina (Shenzhen) IT Summit (Visual China Group / via Getty Images file)

Pony Ma of Tencent and Jack Ma of technology giant Alibaba, two of China’s biggest names in business, both dropped out of China’s top three wealthiest people for the first time since 2015. Pony Ma fell to fourth on the list as his wealth shrank to $52 billion, followed by Jack Ma with $37 billion.

There are no Chinese billionaires in the global top 10, which is led by Tesla and SpaceX chief executive Elon Musk with a net worth of more than $200 billion. Hoogewerf said that is partly because Chinese billionaires tend to run businesses with a domestic, rather than global, focus.

Indian telecommunications tycoon Mukesh Ambani was the only Asian on a top 10 list otherwise dominated by the U.S. and France. But he has been alternating the title of Asia’s richest person with Indian infrastructure magnate Gautam Adani. The two men, who according to Hurun Report each have a net worth of about $100 billion, were also neck and neck on the Forbes list of the world’s billionaires that was released this week, coming in at No. 10 and 11.


US College students file legal complaints against university fossil fuel investment
By Pooja Salhotra, CNN - 
© Nic Antaya/Boston Globe/Getty Images


College campuses have for years been at the center of climate change activism. But now, frustrated and anxious by what they see as slow action alongside growing climate damages, students are engaging a new tactic: legal action.

A coalition of students from Yale, MIT, Princeton, Stanford and Vanderbilt working with the nonprofit Climate Defense Project filed legal complaints in February to compel their universities to end their financial relationships with the fossil fuel industry.

In the complaints, students alleged their schools are violating the Uniform Prudent Management of Institutional Funds Acts, a state law which states a nonprofit's investments must align with its "charitable purpose."

The complaints, all filed with their state attorneys general on the same day, contend fossil fuel companies, by polluting the environment and engaging in public relations campaigns to undermine climate science, stand in conflict to the missions of their universities.

Students also argued fossil fuel investments are inherently risky, violating their institutions' legal duty to invest prudently. Climate scientists reported Monday new fossil fuel projects risk becoming "stranded assets," or being abandoned. The estimated losses from stranded fossil fuel infrastructure between 2015 and 2050 is anywhere from $1 trillion and $4 trillion, assuming the world takes action to limit global warming to 2 degrees Celsius above preindustrial levels.


© Shawn Patrick Ouellette/Portland Press Herald/Getty ImagesMECA students Amanda Bizarro, center, and Sydney Berkeley, left, participate in a climate justice rally on November 5 in conjunction with Greta Thunberg's Fridays for Future.

The students' filings are part of a global surge in legal action to address the climate crisis. A recent report from Grantham Research Institute of the London School of Economics showed worldwide, the number of climate-change related legal cases more than doubled between 2015 and 2021. Around 800 such cases were filed between 1986 and 2014, while more than 1,000 were brought over the following six years, the report found.

"We're witnessing this unprecedented wave of litigation, where individuals are going to court to hold certain actors to account for the damages they are suffering and the damages they will suffer," said Karen Sokol, distinguished professor of law at Loyola University New Orleans.

Sokol attributed the rise in climate cases to the increasing harms of global warming -- including severe weather disasters and the resulting destruction -- along with the public's growing awareness of the problem.

"Whenever harms and damages mount simultaneously with an increase in public awareness, people tend to seek redress in the courts," Sokol told CNN. "That's what we're seeing."

The endowments of the five universities total more than $150 billion, according to the legal filings. CNN was unable to independently confirm the amount, or how much each university is investing in fossil fuels.

CNN reached out to the respective attorneys general offices, two of which -- Massachusetts' and Connecticut's -- confirmed they received and are reviewing the student complaints. New Jersey's Attorney General's office declined to comment, and the offices of Tennessee and California did not respond.

None of the universities have directly responded to the complaints, the students told CNN. In emails to CNN, representatives from Stanford, Princeton, Yale and MIT pointed to their universities' recent efforts to mitigate climate change. Vanderbilt did not respond to CNN's request for comment.

Each of the universities has also released detailed plans to achieve net-zero carbon emissions on their campuses by a target date, by 2050. Some are also seeking net-zero emissions in their investment portfolios, or have ethical investment principles rendering certain fossil fuel companies ineligible for investment.

Stanford is seeking to reach net-zero emissions in both operations and investments by 2050, according to university communications executive Dee Mostofi, who also told CNN the university's investments "fully comply with all applicable laws regulating charities in California." Mostofi also highlighted the university's investments in clean energy and transportation.

For the Stanford students, the promises and policies are not enough.

"'Net-zero' means Stanford could still be invested in fossil fuels and just be offsetting it in ways that aren't really sufficient," said Miriam Wallstrom, a junior at Stanford and an organizer with Fossil Free Stanford. "As a member of the generation that both has to do the most to fight the climate crisis and will also suffer the most in terms of severe weather events, it's terrifying and frustrating that the institution I go to hasn't divested, especially when so many peer institutions have."

Carbon offsetting is the practice of using renewable energy, planting trees, or supporting other forms of conservation in an attempt to offset fossil fuel emissions. But many experts have cast doubts on the efficacy of the schemes, which could allow people, countries, companies or organizations to continue to emit carbon dioxide unabated.

Other institutions of higher education that have moved away from fossil fuels, or have announced plans to do so, include Brown University, Boston University, Georgetown University and Middlebury College. Harvard University and Cornell University also committed to divesting soon after their students filed legal complaints with the help of attorneys at Climate Defense Project, the same organization assisting the current coalition of students.

Students also emphasized their universities may have conflicts of interest preventing them from fairly responding to student climate demands.

Vanderbilt students allege university Chancellor Daniel Diermeier's ties to the fossil fuel industry are a conflict of interest. Diermeier has previously advised companies including Shell, ExxonMobil and BP, among others, according to his CV, which is hosted by a Vanderbilt web address. Students filed a complaint with the University, and the committee responsible for investigating conflicts of interest found it to be "without merit," according to a university news release. The Chancellor did not respond to CNN's request for comment.

Yale students similarly note four trustees of Yale Corporation -- the charitable corporate entity managing the school's roughly $42 billion endowment -- have ties to the fossil fuel industry. Three current or former trustees serve, or have recently served, as board members for oil and gas companies, while one was the CEO of a prominent energy company.

Neither the Yale Corporation nor Yale's Advisory Committee on Investor Responsibility responded to CNN's requests for comment.

"The core part of our campaign has been saying that investing in fossil fuels is immoral," said Molly Weiner, a Yale freshman and an organizer with Yale's Endowment Justice Coalition. "But the moral argument is only going to get us so far given that the people who make these investment decisions personally benefit."

Weiner also pointed to a discrepancy between where Yale spends research funds and how it allocates part of its endowment.

"Yale is putting a lot of money into climate research," said Weiner, an environmental studies major. "But that is rendered moot by the fact that the university has $800 million in the fossil fuel industry. They basically cancel each other out."

Ted Hamilton, co-founder of Climate Defense Project, is hopeful Yale and the other universities will decide to divest on their own volition. Alternatively, he said, the state attorneys general could issue enforcement orders mandating universities to stop investing in the fossil fuel industry. Such action would be unprecedented.

Globally, climate litigation largely remains unsettled, as many cases continue to move through the court system. Nearly two dozen lawsuits in the US, all pending in the courts, seek monetary damages from fossil fuel companies, claiming the companies have lied to the public by misrepresenting or denying the harmful effects of fossil fuels, according to the Sabin Center for Climate Change Law at Columbia University.

Some cases have been successful.

One lawsuit resulted in a German court issuing a ruling requiring the government to create more ambitious greenhouse gas emission reductions.

A case in the Netherlands created a new "duty of care" for the government to protect the public from climate change. And more recently, a Netherlands court reached a groundbreaking decision mandating Shell to reduce its global worldwide emissions by 45% by 2030 from 2019 levels.

"There's this momentum," said Sokol, speaking of the successful international cases. "Courts are carving out their role in our new climate reality."


DeLorean DMC-12 will be reborn as an EV on August 18th

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Back in February, the DeLorean Motor Company gave the world a sneak peek of its upcoming gull-wing door EV DeLorean. At the time, the company said it will reveal the EV sometime in 2022.

Now, via Twitter, the company announced that it will show off its EV at the Pebble Beach Concours d’Elegance on August 18th.



“Excitement is rising like the doors of our iconic sports car, and we are revealing the next generation prototype three days earlier than planned on the most prestigious stage at Pebble beach,” said Troy Beetz, CMO of DeLorean Motor Company.

The company says it will reveal the name of its new EV at the Monterey Car Week, along with what the future holds for the brand. For reference, the original DeLorean was called the DMC-12.

“The long-awaited concept car is the culmination of a 40+ year history with the prestigious design company Italdesign and DeLorean’s new interpretation of a modern icon,” reads the company’s news release.

Before the DeLorean Motor Company went out of business in 1982, it released the original $25,000 USD (approximately $31,000 CAD) DMC-12 which was well recognized for being an extremely underpowered vehicle with iconic gull-wing doors — as of now, the vehicle’s value translates to about $71,000 USD (roughly $90,000 CAD).

We are not sure whether the new release will be a common EV. From the looks of it, it seems like the upcoming vehicle will just be a concept car that not many would be able to get their hands on.

Image credit: Shutterstock

Source: DeLorean Motor Company